According to the global edge computing market scope prepared by Research on Global Markets, the global edge computing market is expected to expand at a compound annual growth rate (CAGR) of 32.6% and reach approximately USD 9 Bn by 2023.
Some of the major IoT related issues that edge computing can solve are as follows:
1. Latency: Latency is the time it takes to process and analyze captured data. Edge computing can eliminate the problem of latency as it works on the principle of a more distributed network which makes sure there is no disconnect in real-time information processing.
2. Bandwidth Issues: Most IoT devices generate data that need to be stored to the cloud for the data to be processed. Massive amounts of power and bandwidth are required to transfer IoT data to the cloud. Edge computing allows a reduction in internet bandwidth usage because large amounts of data can be processed near the source.
3. Real-Time Data: Real-time data can be sent through edge computing without any disturbances. Issues and errors can be rectified using efficient monitoring systems.
4. Cost: Edge computing reduces operating costs and capital outlay. With edge computing, data can be captured and analyzed before it is sent to the cloud, which is less expensive than sending unfiltered data over WAN links.
5. Governance: every company wants to build an IT culture which is at par with the industry standards, Edge computing provides end to end services and meets all the required governance regulatory standards.
Edge computing can help IoT in several ways. It can act as a mediator between what was in the past and what is yet to come, adding smart functionality to those legacy assets without modern computing capabilities.
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